Volcker warns of ‘permeable’ Vickers ring fence

Paul Volcker

Ring fences surrounding retail banks, as proposed by the Vickers report, are "permeable", with loopholes likely to grow over time, Paul Volcker, a former chairman of the Federal Reserve, told the UK's Parliamentary Commission on Banking Standards today (October 17).

Under the proposals of the Vickers report, banking groups will have to place retail operations in a separate legal entity to investment activities. However, the group will be allowed to keep ownership of both arms. This is in

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